Entrepreneurship 2.pdf

Entrepreneurship – Lecture 2 Entrepreneurial motivations and social entrepreneurship SLIDES Which country would you choose to start a business? ■ Some global indicators (with a pinch of salt): ■ Ease of doing business-> discontinued, to be replaced by B-ready project ■ Global regulatory behaviour ■...

Entrepreneurship – Lecture 2 Entrepreneurial motivations and social entrepreneurship SLIDES Which country would you choose to start a business? ■ Some global indicators (with a pinch of salt): ■ Ease of doing business-> discontinued, to be replaced by B-ready project ■ Global regulatory behaviour ■ Digital competitiveness Why do entrepreneurs decide to be entrepreneurs? ■ GEM report: opportunity vs. necessity entrepreneurship ■ Barringer Ireland-> salary substitute firms, lifestyle firms, entrepreneurial firms ■ Recent literature reviews- intrinsic and extrinsic motivations ■ More recent debates unpack the concept of intrinsic motivations Why are entrepreneurial motivations important? ■ ■ Correlates with where entrepreneurial ideas come from Has an impact on subsequent decisions on the business (growth, exit, resale, fears of failure, partners, priorities) Social entrepreneurship ■ Consists of the application of business principles to solve social problems by balancing financial stability with social impact What are the main challenges of social entrepreneurs? ■ ■ ■ ■ ■ Funding (monetising) Burnout Try to achieve objective while making money Partnerships Scaling Case study work- Elvis and Kresse Elvis & Kresse turns waste into value - YouTube ■ Is this really a social enterprise and why? Yes, it is a social enterprise because Elvis & Kresse rescue raw materials from landfill, transform them through worldclass craftsmanship into ethically handcrafted sustainable luxury accessories and homeware, and donate 50% of the profits to The Fire Fighters Charity and Barefoot College. Est. 2005 ■ Are there any elements that make you think the contrary? 50% of the profit is a big amount to donate –donating to firefighters –donating to the resource of supply, potential for conflict ■ Where do you think an ideal target market is in the world? Since we are talking about sustainable fashion, an ideal target market in the world i SDG targets – some food for thought  Targets of Sustainable Development Goal 3 (who.int)  SDG 3: Targets and Indicators – Sustaining Development  Goal 3 | Department of Economic and Social Affairs (un.org) - Specific solutions need to be applied to big problems BOOK – Chapter 1 pp. 33-35 Why do people become entrepreneurs? - Be their own boss. Many entrepreneurs want to be their own boss because either they have had a long-time ambition to own their own firm or because they have become frustrated working in traditional jobs. By starting a business part time individuals can gain valuable experience, tuck away the money they earn, and find out if they really like the business before deciding to leave their job. - Pursue their own ideas Many entrepreneurs experience tremendous satisfaction when their entre- preneurial idea catches on, and they see the positive results it creates. - Pursue Financial Rewards The average entrepreneur does not make more money than someone with a similar amount of responsibility in a traditional job. Making a profit and increasing the value of a company is a solidifying goal that people can rally around.